ANGLOGOLD ASHANTI (AU $47.62, rated Neutral price target $50) NOTES FROM TRIP TO CRIPPLE CREEK MINE SEPTEMBER 18TH; PRICE TARGET RAISED FROM $35 TO $50 BASED ON $25 ESTIMATED EPS INCREASE OVER 2011-2014 9/19/2011
AGNICO-EAGLE (AEM $68.21, rated Overweight and target raised to $86 from $76) HIGHER GOLD PRICE, GRAYD ACQUISITION, AND POTENTIAL DIVIDEND INCREASE RESULT IN HIGHER PRICE TARGET 9/22/2011
FORTESCUE METALS (FSUMF US $4.85; OVERWEIGHT; price target reduced from $11/share to $9/share) ESTIMATED EXPANDED PRODUCTION DELAYED BY ONE YEAR; HIGHER EXPECTED IRON ORE PRICES 9/25/2011
BARRICK GOLD (ABX $52.87 rated Overweight) COMMENTS FROM VISIT TO CORTEZ COMPLEX WITH FOCUS ON “LOWER ZONE” CORTEZ HILLS UNDERGROUND EXTENSION, RED HILL, GOLDRUSH AND ET NORTH 9/25/2011
COMMODITY PRICES FALL IN FEAR OF ANOTHER GLOBAL COLLAPSE, AND WE CUT OUR ESTIMATES TO “NO OR SLOW GROWTH” 2012 OUTLOOK 9/26/2011
GOLD INDUSTRY—IMPACT OF REVISED COMMODITY PRICES ON MAJOR GOLD PRODUCERS 9/28/2011
STEEL INDUSTRY – ARCELOR MITTAL STEEL (MT $16.66, not rated) SEPT. 23RD INVESTOR DAY HIGHLIGHTS MORE MINING AND BALANCE SHEET REPAIR 9/28/2011
WORTHINGTON INDUSTRIES (WOR $14.43; rated OVERWEIGHT; price target $23 up from $20) IMPROVING PRICING, MIX AND SHARE REPURCHASES SHOULD GENERATE HIGHER VALUATION 9/29/2011
TECK RESOURCES LTD. (TCK $29.65, rating Overweight; target $95) NOTES FROM COAL, RAIL AND PORT TOUR SEPT. 26TH TO 29TH; EARNINGS ESTIMATES CUT DUE TO CUTS TO MET COAL AND COPPER ESTIMATES 9/30/2011
ANTOFAGASTA PLC (ANFGF $15.35, RATING OVERWEIGHT, Price Target $30) REKO DIQ REMOVED FROM MODEL; NEAR TERM COPPER, MOLY AND GOLD PRICES CUT 10/2/2011